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ZA

Zazove Associates Portfolio holdings

AUM $1.22B
1-Year Est. Return 1.91%
This Fund
S&P 500
This Quarter Est. Return
-0.36%
1 Year Est. Return
+1.91%
3 Year Est. Return
+11.01%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.26B
AUM Growth
+$123M
Cap. Flow
-$1.01B
Cap. Flow %
-80.32%
Top 10 Hldgs %
47.89%
Holding
131
New
5
Increased
6
Reduced
3
Closed
23

Top Buys

Rank Stock Value
1
AM icon
Antero Midstream
AM
+$5.61M
2
CCO icon
Clear Channel Outdoor Holdings
CCO
+$3.32M
3
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$2.57M
4
BHR.PRB
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
+$1.76M
5
BDXA
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
+$1.55M

Top Sells

Rank Stock Value
1
UONEK icon
Urban One Class D
UONEK
+$6.37M
2
EMMS
Emmis Communications Corp
EMMS
+$5.65M
3
TWNKW
Hostess Brands, Inc. Warrants
TWNKW
+$5.52M
4
JQC icon
Nuveen Credit Strategies Income Fund
JQC
+$2.63M
5
USAC icon
USA Compression Partners
USAC
+$2.6M

Sector Composition

Rank Sector Weight
1 Communication Services 0.92%
2 Energy 0.86%
3 Real Estate 0.5%
4 Financials 0.44%
5 Industrials 0.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FLG.PRU
1
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$117M
– –
0
– –
CMLS
2
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$9.7M 0.77%
666,124
+171,027
+35% +$2.57M
UONEK icon
3
Urban One Class D
UONEK
$22.8M
– –
-320,687
Closed -$6.37M
EMMS
4
DELISTED
Emmis Communications Corp
EMMS
– –
-1,155,387
Closed -$5.65M
TWNKW
5
DELISTED
Hostess Brands, Inc. Warrants
TWNKW
– –
-3,097,637
Closed -$5.52M
AM icon
6
Antero Midstream
AM
$10.4B
$4.82M 0.38%
+650,000
New +$5.61M
FTV.PRA
7
DELISTED
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
– –
0
– –
CCO icon
8
Clear Channel Outdoor Holdings
CCO
$1.23B
$4.33M 0.34%
1,720,000
+1,060,000
+161% +$3.32M
EVV
9
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$3.91M 0.31%
312,798
– –
DBRG icon
10
DigitalBridge
DBRG
$2.93B
$3.6M 0.29%
149,720
+15,041
+11% +$311K
USAC icon
11
USA Compression Partners
USAC
$3.73B
– –
-153,799
Closed -$2.6M
BKEP
12
DELISTED
Blueknight Energy Partners L.P.
BKEP
$2.78M 0.22%
2,472,769
+281,790
+13% +$356K
JQC icon
13
Nuveen Credit Strategies Income Fund
JQC
$707M
– –
-344,705
Closed -$2.63M
KYN icon
14
Kayne Anderson Energy Infrastructure Fund
KYN
$2.45B
– –
-159,045
Closed -$2.36M
NRCG.WS
15
DELISTED
NRC Group Holdings Corp.
NRCG.WS
– –
-673,600
Closed -$1.39M
KMF
16
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
– –
-202,441
Closed -$2.24M
BHR.PRB
17
Braemar Hotels & Resorts 5.50% Series B Preferred Stock
BHR.PRB
$51.9M
$1.91M 0.15%
+91,780
New +$1.76M
GER
18
DELISTED
Goldman Sachs MLP Energy Renaissance Fund
GER
– –
-36,784
Closed -$1.67M
CURO
19
DELISTED
CURO Group Holdings Corp.
CURO
$1.59M 0.13%
119,952
– –
BDXA
20
DELISTED
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
$1.55M 0.12%
+25,000
New +$1.55M
GDL
21
GDL Fund
GDL
$92.1M
– –
-153,942
Closed -$1.43M
BAC.PRL icon
22
Bank of America Series L
BAC.PRL
$3.97B
$1.32M 0.11%
883
+8
+0.9% +$11.4K
RCA
23
DELISTED
Ready Capital Corporation 7.00% Convertible Senior Notes due 2023
RCA
– –
0
– –
RLJ.PRA icon
24
RLJ Lodging Trust $1.95 Series A Preferred Stock
RLJ.PRA
$326M
– –
-38,630
Closed -$1.04M
WFC.PRL icon
25
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.72B
– –
-673
Closed -$960K
1
2

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Zazove Associates's Q3 2019 Portfolio in Review

As of Q3 2019, Zazove Associates held 131 positions worth $1.26B, up 11% from $1.13B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Zazove Associates withdrew a net $1.01B in Q3 2019, closing 23 positions and reducing 3 holdings. Its most notable exit was Urban One Class D, an estimated $6.37M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 0.92% of assets, down from 0.93% a quarter earlier, followed by Energy and Real Estate.

Against the trend, Zazove Associates opened a new position in Antero Midstream worth $4.82M.

  • Zazove Associates's largest Q3 2019 buy was Antero Midstream: 650,000 shares worth $4.82M.
  • Zazove Associates added most to Clear Channel Outdoor Holdings in Q3 2019, an estimated $3.32M increase.
  • Zazove Associates's biggest Q3 2019 reduction was Atlanticus Holdings, cutting an estimated $631K.
  • Zazove Associates fully exited Urban One Class D in Q3 2019, selling an estimated $6.37M.
  • Zazove Associates's ten largest holdings make up 48% of its $1.26B portfolio in Q3 2019.
  • Zazove Associates opened 5 new positions and closed 23 in Q3 2019.
  • Zazove Associates's portfolio value rose 11% quarter-over-quarter to $1.26B.

Based on Zazove Associates's 13F filing for Q3 2019, filed 28 Oct 2019.